Italian Government to Seek Billions from Banks for Healthcare, Tax on ‘Extra Profits’ Ruled Out
ROME - The Italian government is preparing to secure billions of euros in contributions from banks to bolster the nation’s healthcare system, a move championed by the League party and slated for discussion at a Council of Ministers (CDM) meeting tomorrow at 11:00 AM. While details remain fluid, the government is actively negotiating with financial institutions to fulfill a commitment of 4.4 billion euros outlined in draft budget plans.
The push for bank contributions, initially advocated by League leader Matteo Salvini, gained traction during budget drafting and aims to leverage institutions’ recent profits.Senators from the League’s Finance Committee – President massimo Garavaglia and group leader Stefano Borghesi – released a statement affirming the importance of these funds for supporting Italian healthcare,declaring a “win for common sense.” the exact mechanism for securing the funds is still under debate, with options including tax credits or a modified tax on accumulated capital.
However, Minister of Enterprise and Made in Italy, antonio Tajani, definitively stated that a tax specifically targeting “extra profits” from the banking sector, similar to previous discussions regarding the so-called ”USSR tax,” will not be implemented. The Association of Italian Banks (ABI) has indicated a willingness to contribute to the state budget over multiple years, mirroring the agreement reached last year concerning the postponement of Deferred Tax Assets (DTAs), but remains opposed to unusual taxation.
Negotiations continue as the government seeks to finalize the details of the provision, with the upcoming CDM expected to clarify the path forward for securing the 4.4 billion euro contribution from credit institutions and insurance companies.
